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Brickworks Limited is a dynamic and innovative group of internationally owned companies. We specialise in property, investments and the manufacture and distribution of building products for the residential and commercial markets.
Our Building Products division is one of Australia’s largest, best known and most diverse building material manufacturers. Our products include clay bricks and pavers, concrete masonry blocks, retaining wall systems, engineered and stone pavers, precast concrete panels, concrete and terracotta roof tiles, and terracotta façades systems.
In late 2018, Brickworks announced it’s first US based acquisition of Glen-Gery, the fourth largest brick manufacturer in the USA. Since this time the North America business has continued to grow through further acquisitions and is now established as the leading brickmaker in the key North eastern region, with a reputation for premium products and high exposure to the architectural market.
With a broad product portfolio and manufacturing and sales facilities across Australia & North America, Brickworks is uniquely placed to service the demands of the building industry.
The Property division was established to maximise the value of land that is surplus to the Building Products business. Operational land that becomes surplus to the business needs is transferred to the Property division where it is assessed for optimum land use.
In some cases, land is rezoned to residential and sold. Alternatively, the land is rezoned industrial and transferred into the Property Trust and developed, creating a stable, growing annuity style income stream.
The Joint Venture Industrial Property Trust is a 50/50% partnership between Brickworks and Goodman Industrial Trust. Over the past decade it has grown significantly and now has a total asset value of over $1.7 billion. After including debt, Brickworks 50% share of the Property Trust has an equity value of $633 million.
In addition to the Property Trust, the Company holds around 3,750 hectares of operational land and 370 hectares of development land. The company also holds 2,400 hectares of land in North America.
Investments consists primarily of a 39.4% interest in Washington H. Soul Pattinson (WHSP), an S&P/ASX100 listed Company (ASX: SOL).
This shareholding in WHSP is an important source of earnings and cashflow diversification for the company and has been a key contributor to Brickworks’ success for more than four decades.
The market value of Brickworks shareholding in WHSP was $2.142 billion at 31 July 2019.
WHSP has delivered outstanding returns over the long term, with fifteen year returns of 11.6% per annum to 31 July 2019 being 2.6% ahead of the All Ordinaries Accumulation Index.
WHSP holds a significant investment portfolio in a number of listed and unlisted companies including Brickworks, TPG Telecom, New Hope Corporation, Australian Pharmaceutical Industries, Apex Healthcare Berhad and TPI Enterprises.
This provides WHSP with a diversified end market exposure. Over more than four decades, WHSP has delivered an uninterrupted dividend stream that reflects the earnings from WHSP’s diversified investments. This dividend helps to balance the cyclical earnings from Brickworks’ Building Products and Property divisions.
Mrs Page was appointed to the Board in July 2014.
She has extensive financial expertise, having been a partner at Touche Ross/KPMG Peat Marwick, and a senior executive with the Lend Lease Group, Allen Allen and Hemsley and the Commonwealth Bank.
She has specific experience in corporate finance, accounting, audit, mergers & acquisitions, capital markets, insurance and joint venture arrangements.
Mrs Page also has extensive experience as a company director gained across ASX Listed, private, public sector and regulated entities including in the telecommunications, utilities, insurance, technology, renewables, funds management and infrastructure sectors.
As an experienced director and Audit and Risk Committee Chair her skills also include Board leadership, governance, risk management and compliance.
Mrs Page is the Chair of the Audit and Risk Committee, and a member of the Remuneration and Nomination Committee.
Mrs Page is a member of Chief Executive Women and was appointed as a member of the Takeovers Panel in March 2022.
Mrs Page holds directorships in the following listed companies:
Ms Stubbs was appointed to the Board on 1 January 2020.
She has valuable operational experience in property leasing, sales and marketing, strategy and new product development having spent more than 25 years in senior sales and marketing roles in the media and property sectors.
Most recently Ms Stubbs was General Manager of Retail Leasing at Stockland and prior to this she held property management, sales and marketing roles at Lend Lease, Fairfax, Network Ten and Unilever.
Ms Stubbs’ skills also include mergers and acquisitions, capital markets, governance, risk management and compliance.
She is a member of the Remuneration and Nomination Committee and the Audit & Risk Committee.
Ms Stubbs holds a listed directorship in Inghams Group Limited. She is also currently a director of HMC Funds Management Limited (as the responsible entity of the HomeCo Daily Needs REIT).
During the last 3 years she also held a listed company directorship with InvoCare Limited (resigning in February 2021) and Aventus Group (which merged with HomeCo Daily Needs REIT in March 2022).
Mr Fitzgibbon was appointed to the Board in January 2023.
He has extensive government experience having served in the House of Representatives from 1996 to 2022, representing the New South Wales seat of Hunter. He served as Minister for Defence in 2007–2009, Minister for Agriculture, Fisheries and Forestry in 2013 and was Chief Government Whip in the House of Representatives from 2010–2013.
Mr Fitzgibbon has considerable expertise in public policy, social and environmental issues.
He is a member of the Remuneration and Nomination Committee and the Audit & Risk Committee.
He is a Non-executive director of the Australian Forest Products Association and retained as Special Counsel by CMAX Advisory.
Mr Fitzgibbon has no current listed company directorships and has held no other listed company directorships in the last three years.
The Board of Brickworks Limited is committed to developing and maintaining good corporate governance within the Company, and recognises this can only be achieved through its people and their actions.
Brickworks Limited has policies and procedures in place that help to ensure the highest standards of corporate governance.We abide by all laws of Australia and the requirements of regulatory authorities in each State.
Brickworks has a Code of Conduct under which all Directors, senior management and employees are expected to operate. This Code is centred on having Brickworks and its employees achieve the highest level of integrity in all its business dealings at all levels of the organisation.
Brickworks is committed to conducting business in accordance with high ethical standards, integrity and accountability.
We have adopted a policy prohibiting bribery and corruption of public officials, making political donations, secret commissions, making or receiving facilitation payments and kickbacks.
Consistent with our commitment to act fairly, with honesty and integrity Brickworks has a Whistleblower Policy and has implemented Behonest@Brickworks an anonymous whistleblower service delivered by Deloittte.
Brickworks is committed to respecting and supporting the dignity, well-being and human rights of employees and the supply chain, working collaboratively with our partners and suppliers to ensure business is conducted in an honest and ethical manner. This includes identifying and addressing modern slavery and human rights risks throughout our business and supply chain.
Brickworks has adopted a Securities Trading Policy to provide guidance to all Directors, senior management employees, and their connected persons, if they are contemplating buying or selling Brickworks securities.
We are committed to keeping our shareholders informed about the Company’s activities.
We aim to provide relevant information to shareholders in a timely manner which is supported by our Continuous Disclosure Policy.
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